Economic growth is the magic elixir which would lift living standards and the capital’s spirits – it would make our city more dynamic, and more popular. But how on earth does London make growth happen? I list below ten ideas to start the growth engine – helping to create jobs, tax and prosperity.
* Dramatically streamline planning regulations - probably by creating a temporary window to commence work of say three years, so developers and landlords are forced to start construction quickly, so growth is boosted quickly - rather than in many years’ time. This would rapidly increase construction, and create more homes and commercial facilities in time.
* Immediately introduce permission for all autonomous vehicles to be legal in London - cars, vans, lorries, buses etc. It would swiftly cut the cost of transport and ultimately make travelling around the city much more efficient. The technology is here (go to California and see Waymo in action).
* Give immediate permission for the extra runway at Heathrow and permission for all London’s other main airports (Stansted, Gatwick, City) to also expand if they want. This would in time reduce airport congestion and grow tourism.
* Help fund a commercial hub linking all London’s world class academic institutions - Imperial, UCL, King’s, LSE, LBS etc and especially key research institutions like Francis Crick, ICR and so forth. The centre would help exploit valuable IP and discoveries from these establishments, and create spins offs and start ups.
* Reduce by 75% all train and bus fares on Mondays and Fridays. This would encourage people to come and work and/or spend time in London on the days which have suffered most from Working From Home. Spreading people out across the week would actually be good for commuters and businesses.
* Abandon all NetZero by 2030 targets, and scrap subsidies on sustainable energy firms/installations. Britain has the highest commercial electricity costs in the developed world, which makes almost everything cost more - and means many businesses in Britain are uneconomic. Cheaper power would make London and the UK more competitive - and everyday life cheaper for Londoners.
*Grant entrepreneur visas to overseas leaders of genuine start-ups which will invest and employ people. These ventures would need to pass a qualitative test: is the proposed business a real undertaking, or is just a rich foreigner buying a building who wants to live in London? There exists a Innovator Founder Visa scheme, but it is strict, complex and bureaucratic.
*Allow any entrepreneur to occupy a single shop business rates free for three years. High rates mean occupation costs can be prohibitively expensive for early stage companies. Currently charities generally pay zero property rates – which explains why there are so many charity shops in our high streets. But these operations make it harder for retail start ups to obtain sites. We should allow innovators better access to vacant stores to revive run down parades and shopping centres.
*Roadworks should wherever humanly possible be done overnight, as happens in other countries. Utility companies, contractors and councils should be incentivized to carry out repairs/renewals/installations much more quickly and during non-working hours. That way delays and disruption to travel would be significantly reduced, and Londoners would be able to get around the city much more quickly.
*Form a database and a group of experts to examine why and how London’s best regeneration schemes – like Kings Cross, Canary Wharf, Stratford, Battersea Power Station and Paddington Basin – have worked, and so learn lessons to deploy in other parts of the city in need of reinvention.
Luke Johnson is chair and co-founder of Risk Capital Partners
